unflat vs Deblock: what each app does with your euros

unflat and Deblock both let people in Europe turn euros into stablecoins and earn a yield in on-chain lending vaults, and both use Morpho. They are built for different jobs. This page sets out how each one works, using only what each company publishes, checked on 12 October 2026. It names no winner.

What is the difference between unflat and Deblock?

Deblock is a current account: an IBAN in your name, a debit card, euros held as e-money and a self-custodial crypto wallet, with optional yield features on top. unflat does one job: your euros become USDC and earn a variable yield in Morpho lending vaults. On Deblock’s Auto Sweep, Deblock sets the rate; on unflat, the lending market does.

The rest follows from that. Deblock has plans, a card and seven app languages, as an everyday account does. unflat has no plans and no unflat fees, an optional on-chain cover, and an app in English.

How does Deblock work?

Deblock SAS is a French company, authorised by the ACPR as an electronic money institution and by the AMF as a crypto-asset service provider under MiCA. You open an account with an IBAN in your name; the euros on it are e-money, safeguarded under the EU payment services directive. Crypto sits in a self-custodial wallet offered by Techblock Ltd.

Two features pay a yield. Auto Sweep, which you switch on yourself, moves euros from your balance into on-chain vault shares; Deblock’s terms describe the rate as a fixed annual rate set by Deblock, which it may change. Crypto Earn puts crypto from your wallet into curated vaults on Morpho and Kamino at a variable rate, and Deblock keeps a share of the rewards that depends on your plan. Its terms say that neither feature is covered by deposit guarantee or investor compensation schemes.

There are three plans: Standard, free; Premium, €14.99 a month or €120 a year; and Native, free if you have held a Deblock NFT for 30 days. Buying, selling or swapping crypto costs 1.99% on Standard, 0.49% on Premium and nothing on Native. SEPA transfers are free on all plans. You can open an account if you are 18 or over and live in the European Economic Area, and the app comes in seven languages, English and Italian among them.

How does unflat work?

unflat is non-custodial software made by unflat S.r.l. in Milan. Your money stays in a wallet only you control, and every transaction needs your signature. You add euros by card or bank transfer through MoonPay or Coinbase; they are held in USDC, and what you move to Savings is lent in Morpho vaults run by third-party curators.

The curators today are Steakhouse Financial and Gauntlet. Borrowers put up collateral worth more than the loan and pay interest: that interest is your yield. If a loan gets too close to the value of its collateral, a liquidator repays it and takes the collateral (Morpho docs). The lending market sets the rate, not unflat, and it is variable.

unflat charges no fees and has no subscription. MoonPay and Coinbase may charge for card and bank payments, shown before you confirm, and vault fees are deducted before the rate. There is no lock-up. Optional on-chain cover from OpenCover · Nexus Mutual is off by default: it is discretionary, not insurance, a 4% deductible applies and covered money earns a slightly lower rate. Sherlock reviewed the app’s code in July 2026. unflat is open to people aged 18 or over who live in the EU, and the app is in English.

unflat and Deblock side by side

Aspect	Deblock	unflat
What it is	A current account for euros, stablecoins and bitcoin	An app that puts euros to work in a lending market
Company	Deblock SAS, France: e-money (ACPR) and crypto-asset services under MiCA (AMF)	unflat S.r.l., Milan: a technology platform, not a bank or a financial intermediary
Who holds the money	Euros: Deblock, as e-money safeguarded in separate accounts. Crypto: you, in a self-custodial wallet by Techblock Ltd	You: a non-custodial wallet only you control, built on Privy
How you add euros	SEPA transfer to the IBAN in your name; card, Apple Pay or Google Pay	Bank transfer or card through MoonPay or Coinbase; USDC sent on Base
What the balance is held in	Euros as e-money; crypto and stablecoins in the wallet	USDC, a dollar stablecoin, so its value in euros moves with the exchange rate
Where the yield comes from	Auto Sweep: on-chain vault shares, at a rate Deblock sets. Crypto Earn: Morpho and Kamino vaults, variable	Morpho lending vaults run by Steakhouse Financial and Gauntlet; the market sets the rate, variable
Fees	Plans from free to €14.99 a month; crypto trades 1.99%, 0.49% or free by plan; a share of Crypto Earn rewards	No unflat fees, no subscription; MoonPay and Coinbase may charge; vault fees before the rate
Deposit guarantee	Not on Auto Sweep or Crypto Earn	None
Cover	None on the yield features	Optional on-chain cover from OpenCover · Nexus Mutual, not insurance
Who can sign up	18 or over, living in the European Economic Area	18 or over, living in the EU; individuals only
App language	Seven, including English and Italian	English

Sources: Deblock terms of 13 March and 10 June 2026, Deblock fees from 5 July 2026, AMF and Banque de France registers, unflat; checked on 12 October 2026.

Is unflat an alternative to Deblock?

For the yield, yes; for the everyday account, they do different jobs. If you want an IBAN, a card and crypto trading in one app, Deblock is built for that. If you want your euros to earn a rate set by the lending market, with no unflat fees, no subscription and optional on-chain cover, unflat is built for that. The two can sit side by side.

A practical way to choose is to look at who sets the rate and what it costs to get it. On Deblock, the Auto Sweep rate is decided by Deblock and the share it keeps on Crypto Earn depends on your plan. On unflat, the rate is whatever borrowers pay in the vaults, after the vault fees, and unflat takes nothing on top.

What are the risks in both?

In both apps, money earning a yield is not covered by a deposit guarantee scheme and can lose value. DeFi lending carries smart contract bugs, bad debt in a lending market and the curators’ choices; a stablecoin can lose its peg; and a balance in USDC moves with the EUR/USD exchange rate.

unflat is a technology platform and is not a bank or a financial intermediary. Funds deposited through unflat are not covered by deposit guarantee schemes (FITD or equivalent) and are subject to risk, including loss of principal. Never deposit money you cannot afford to lose. To see where your money sits on unflat and who can move it, read Where your money sits on unflat, and who can move it. For banks and neobanks, read DeFi vs traditional banks and unflat, Trade Republic, N26 and Revolut.